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Price elasticity of demand tells us more about the consumers' purchases than the law of demand.
a. Define price elasticity of demand. How does it differ from the law of demand?
b. Explain why we need to calculate the absolute value of elasticity of demand.
c. If a firm's goal is to increase total revenue, explain what pricing policy you would recommend if you know the demand for the product is elastic.
A risk-neutral consumer is deciding whether to purchase a homogeneous product from one of two firms. One firm produces an unreliable product and the other a reliable product. At the time of the sale, the consumer is unable to distinguish between the ..
A new office building was constructed five years ago by a consulting engineering firm. At that time the firm obtains a bank loan for $100,000 with a 12% annual interest rate, compounded quarterly. What is balance due to the original mortgage if 20 pa..
demand for a good of an industry is given by the equation pq=100, where p is the price and q is quantity and supply is given by the equation 20+3p=q. find out the equation price and quantity
From 1982 to 1986 retail sales of furs in the U.S rose from $0.4 billion to 1.0 billion. After this time, there was no additional growth until 1989 when sales increased slightly to $2 billion. Subsequently there was a plunge in fur sales which droppe..
identify if the demand or the supply curve is misplaced and whether it is too far to the left or too far to the right.
If you were starting a soap business (laundry soap), what strategy would you use to compete with Procter & Gamble and Clorox ? How would you reach your target market? How and where would you advertise? We talk about the power of word of mouth-how do ..
the variable expend is expenditures per student, in dollars, and math 10 is the pass rate on teh exam. The following simper regression relates math10 to lexpend= log(expend). Comment on what happens to the coefficient on lexpend. Is the spending coef..
In the long run, if the demand curve of a monopolistically competitive firm is tangent to its average total cost curve then
The market for qbits is initially competitive and the market demand is: P = 400 - 0.4Qd. The combined marginal costs of the firms in the qbit industry are: MC = 50 + 0.6Q. Draw the demand, and marginal cost curves. Calculate and show how much these f..
Elucidate why from an economic point of view towing a car illegally parked rather than just ticketing it provides a better incentive.
A local community bus service, the only bus service in the market (i.e. a monopoly), charges $2.00 for a one-way fare for all riders. The city council is thinking of raising the one-way fare to $2.50 for all riders. If the city council increases the ..
Contingency theories try to predict leadership efficiency. Common sense would tell us that not all traits or behaviors of leaders are positively related to effectiveness all of the time. Instead, whether a leader behavior is effective will depend on ..
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